Monday, October 25, 2021

Community bankers meet with President Trump to discuss regulatory challenges

Oklahoma Banker Direct

WASHINGTON — This morning, a diverse group of community bankers from across the country met with President Trump to discuss how the current regulatory environment affects their bank’s ability to serve customers and drive economic growth.

Among the attendees were ABA President and CEO Rob Nichols, ICBA President and CEO Camden R. Fine and nine bankers, including ABA officers and several members of key ABA committees. Topics of discussion included the importance of tailored regulation, the need to hold the Consumer Financial Protection Bureau more accountable, regulatory changes to increase small business and mortgage lending, the impact of compliance responsibilities and the need to ensure that regulatory capital standards are aligned with actual risks and conducive to credit availability.

Burgess and Trump
Ken Burgess, chairman of FirstCapital Bank of Texas, Midland, Texas, chairman-elect of the American Bankers Association, confers with President Trump about the need for regulatory relief for community banks.

Nichols commended President Trump for meeting with community bankers to hear the challenges they face serving their clients, customers and communities in today’s regulatory environment.

“Today’s meeting is an important step toward policy changes that will allow banks to go even further in helping communities and our economy thrive,” Nichols said. “The diversity and strength of our banking industry is the envy of the world. However, in the current regulatory environment, highly prescriptive rules mean that mortgages don’t get made, small businesses don’t get created and banks find it more difficult to make the loans that drive job creation. This is particularly true for community banks. A careful review of Dodd-Frank and other financial regulations will strengthen financial institutions and allow them to continue driving economic growth.

“We look forward to continuing to work with President Trump, the White House team, the Treasury department and members of Congress on both sides of the aisle to bring pro-consumer reform to our nation’s financial system.”

ABA members who participated in the meeting include:

Dorothy A. Savarese, chairman, president and chief executive officer of Cape Cod Five Cents Savings Bank, Orleans, Mass. Savarese is also chairman of ABA.
Kenneth L. Burgess Jr., chairman of FirstCapital Bank of Texas, Midland, Texas. Burgess is also chairman-elect of ABA.
Jeffrey M. Szyperski, chairman, president and chief executive officer of Chesapeake Bank, Kilmarnock, Va. Szyperski is also vice chairman of ABA.
Leslie R. Andersen, president and chief executive officer of Bank of Bennington, Bennington, Neb. Andersen served as chairman of ABA’s Government Relations Council and is a former member of ABA’s Board of Directors. She also serves on ABA’s Endorsed Solutions Banker Advisory Council.
Luanne Cundiff, president and chief executive officer of First State Bank, St. Charles, Mo. Cundiff also serves on ABA’s Community Bankers Council.
Laurie Stewart, president and chief executive officer of Sound Community Bank, Seattle. Stewart is a member and former chairman of ABA’s Government Relations Council. Stewart is also a former ABA board member.

ICBA members that participated include:

Rebeca Romero Rainey, CEO of Centinel Bank of Taos, Taos, N.M. Rainey is also chairman of ICBA.
R. Scott Heitkamp, CEO of ValueBank Texas, Corpus Christi, Texas. Heitkamp is also ICBA chairman-elect.
Timothy K. Zimmerman, CEO of Standard Bank, Monroeville, Penn. Zimmerman is also vice chairman of ICBA.

It’s fantastic to see the two national trade groups working together to secure meaningful regulatory relief for their member banks! More of this is going to be necessary if we’re going to accomplish our collective goal!